Granules India Promoter Pares Stake For Rs 303 Crore

Krishna Prasad Chigurupati, the promoter of Granules India Ltd., offloaded 3.09% stake in the company for Rs 303.81 crore via open market transactions on Wednesday.

The promoter sold 75 lakh shares, representing 3.09% stake, for Rs 405.08 per share, according to block deal data on the NSE. Chigurupati held 34.46% stake in the company, as of March 2024, according to BSE data.

On the other hand, Massachusetts Institute of Technology on Wednesday bought 1.06% stake, comprising 25.93 lakh shares; and Axis Mutual Fund mopped up 25.26 lakh shares, representing 1.04% stake for Rs 405.1 per share.

Fidelity Funds India Focus Fund was among the other buyers.

According to BSE data, Fidelity Funds India Focus held 2.61% stake in the company, as of March 2024. Fidelity Funds-Asian Small Companies Pool also held 1.51% stake in the pharma company.

Shares of Granules India closed 4.33% higher at Rs 426.80 apiece on Wednesday, as compared with a 0.31% rise in the benchmark NSE Nifty.